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This analysis may contain statements, forecasts and opinions on the future, which constitute investment risk or a source of uncertainty and may differ from actual results. Authors do not take responsibility for the consequences of decisions taken on the basis of this study, and in particular for any damage incurred as a result of decisions taken on the basis of the information as well as opinions contained in this report. The responsibility rests solely with the reader. This document does not constitute an offer within the meaning of art. 66 et seq of the Civil Code nor does it constitute a public offer of securities in the meaning of art. 3 of the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies (Act of 29 July 2005. Dz.U. [Journal of Laws]. No. 184, item. 1539 consolidated text of 9 October 2009. Dz. U. [Journal of Laws] No. 185, item. 1439, as amended. d.) does not constitute a prospectus or information memorandum within the meaning of the Act. The information referred to in this paper are solely of promotional or advertising character and concern the managing entity. This document and all information and data contained therein are confidential. The study is material information addressed only and exclusively to its recipients and may not be reproduced or distributed in whole or in part without the express permission of the author. Any transfer, distribution or provision of this document or its parts, including the further transmission, dissemination or disclosure by the addressees of unauthorized persons or entities is strictly prohibited.